Asian governments and refining companies are rapidly assessing their oil stockpiles and exploring alternative shipping and supply routes after the war on Iran disrupted movement through the crucial Strait of Hormuz. As oil prices are expected to rise when trading resumes on Monday, Asia, which imports two-thirds of its crude oil from the Gulf, could feel the most significant impact from any supply disturbances originating in the Middle East.

China, the world's largest oil importer, relies on the Gulf for half of its oil supplies, while Japan depends on it for 90% of its oil requirements. The Strait of Hormuz is a narrow waterway between Iran and Oman that connects the Gulf to the Arabian Sea, through which approximately 20% of global oil consumption typically passes in shipments from producers in the region.

Japanese shipping companies have announced halts in their operations around the Strait of Hormuz, although Japan's Chief Cabinet Secretary, Minoru Kihara, stated that there have been no immediate reports regarding the impact on Japan's oil supplies. Indian refining sector officials, speaking anonymously, indicated that government-operated refineries are keenly monitoring the situation for any further developments affecting their operations and supply chains.